Manulife announces intention to redeem Singapore dollar 3.00% Subordinated Notes

Rhea-AI Summary

Manulife Financial (MFC) has announced its intention to redeem all outstanding 500 million Singapore dollars principal amount of 3.00% Subordinated Notes on November 21, 2024. The Notes, originally due November 21, 2029, are redeemable at MFC's option at par value. The redemption will include accrued and unpaid interest up to, but not including, the redemption date. MFC will deliver formal notice to Note holders as per the Trust Indenture. Interest on the Notes will cease to accrue on the redemption date. This redemption option applies to the entire principal amount and can be exercised on November 21, 2024, or any subsequent interest payment date.

Positive

• Early redemption of debt potentially indicating strong financial position
• Potential reduction in interest expenses for the company

Negative

• Reduction in available long-term financing options

C$ unless otherwise stated                                               TSX/NYSE/PSE: MFC     SEHK: 945

TORONTO, Sept. 26, 2024 /PRNewswire/ - Manulife Financial Corporation ("MFC") today announced its intention to redeem at par on November 21, 2024 all of its outstanding 500 million Singapore dollars principal amount of 3.00% Subordinated Notes (the "Notes") due November 21, 2029. The Notes are redeemable at MFC's option, in whole but not in part, on November 21, 2024 and thereafter on each interest payment date at a redemption price per Note equal to par, together with accrued and unpaid interest to, but excluding, the date of redemption. Formal notice will be delivered to holders of Notes in accordance with MFC's Trust Indenture.

Interest on the Notes will cease to accrue on the redemption date.

About Manulife

Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our Global Wealth and Asset Management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2023, we had more than 38,000 employees, over 98,000 agents, and thousands of distribution partners, serving over 35 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and under '945' in Hong Kong. 
 
Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com. 

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SOURCE The Manufacturers Life Insurance Company

FAQ

When will Manulife Financial (MFC) redeem its Singapore dollar 3.00% Subordinated Notes?

Manulife Financial (MFC) intends to redeem its Singapore dollar 3.00% Subordinated Notes on November 21, 2024.

What is the principal amount of MFC's Singapore dollar 3.00% Subordinated Notes being redeemed?

The principal amount of MFC's Singapore dollar 3.00% Subordinated Notes being redeemed is 500 million Singapore dollars.

At what price will MFC redeem the Singapore dollar 3.00% Subordinated Notes?

MFC will redeem the Singapore dollar 3.00% Subordinated Notes at par value, along with accrued and unpaid interest up to, but excluding, the redemption date.

When will interest cease to accrue on MFC's Singapore dollar 3.00% Subordinated Notes?

Interest on MFC's Singapore dollar 3.00% Subordinated Notes will cease to accrue on the redemption date, which is November 21, 2024.